“As in previous years, we expect operating performance to improve progressively as revenues scale through Q2, Q3, and Q4. The full year is expected to reflect the profitable growth trajectory the company has consistently delivered.”
Lorenzo Serratosa
CEO Subgen AI
January – March 2026
- At constant exchange rates Net Sales amounted to SEK 53.7 (40.6) million, an increase of 32% compared to the corresponding period the previous year.
- Acquisitions have been the biggest growth driver, while all businesses had remained with good performance during the period.
- Exchange ratios of dollar, SEK and other currencies have impacted the revenue by 15.2% as the final Net Sales amounted to SEK 46.7 million.
- Assets of the company have grown substantially to SEK 854.5 million (513.2) million showing the impact of the acquisitions made in 2025 and 2026.
- Gross margin grew to 82.7% (68.9%), increasing the profitability of the businesses impacting also in the Gross profit that amounted to SEK 38.6 (27.9) million.
- EBITDA amounted to SEK -6.5 (-6.6) million in line with the Q1 of 2025 showing that Subgen AI is today a bigger and more complex company and leading us to a good year in terms of EBITDA.
- EBITDA excluding non-recurring costs amounted to SEK -5.7 (-2.2) million.
- Operating loss amounted to SEK -14.0 (-11.9) million, in line with Q1 of 2025 and showing the volume of a bigger company.
- Cash and cash equivalents totaled SEK 25.5 million at the end of December. The cash ending balance, including unutilized credit facilities, amounted to SEK 285.1 million.
The full report is attached as PDF and is available on the company’s website: https://subgen.ai/financial-reports/
For further information, please contact:
Lorenzo Serratosa, CEO, Subgen AI AB
Email: ir@subgen.ai
About Subgen AI
Subgen AI (Nasdaq First North: SUBGEN) is a Stockholm-headquartered enterprise AI company serving clients in healthcare, financial services, energy, and the public sector across Europe, the United States, and Latin America. Its flagship platform, Serenity Star, enables organisations to deploy, govern, and scale generative AI with full EU AI Act compliance and data sovereignty. The Company has grown revenue approximately 35x since 2021 and reported revenues of €18.3 million in 2025. Subgen AI targets €28.5 million in revenue for 2026 and €64.3 million by 2029. For more information, visit https://subgen.ai.
The Company’s Certified Adviser is Eminova Fondkommission AB | adviser@eminova.se